Beacon unveils new digital wallet offering built for immigrants to Canada
Toronto-based fintech start-up Beacon is launching Canada’s first dedicated wallet for incoming international residents in January 2025.
Beacon introduces new digital wallet, Beacon Money
Founded in 2023, Beacon’s flagship MyBeacon App is designed to make an “immigrant’s first 100 days in Canada much less stressful” by delivering personalised digital guidance and pre-arrival checklists.
Beacon is now adding to its app with Beacon Money, a digital wallet service that the start-up says “empowers immigrants to confidently start their new lives in Canada”.
Beacon’s digital wallet, now accepting waitlist sign-ups, aims to simplify account opening for immigrants by not requiring a Canadian ID, local address, social insurance number, or credit history.
The wallet will support bill payments, salary deposits, and Interac e-Transfers, and users can activate their profile and wallet up to six months before arriving in Canada, “allowing them to start setting up their life in advance”, the company says.
For individuals moving from India to Canada, Beacon offers the option to pair Beacon Money with Beacon Remit, which the company claims is the “first ever single app for money transfers out of India”. The start-up adds that this will allow users to “pre-fund their living expenses into Beacon Money or any Canadian bank account before they leave India”.
Commenting via a LinkedIn post, Stuart Szabo, CEO and co-founder of Beacon, says the launch “would not have been possible” without its partners Digital Commerce Group and paytech titan Visa.
Beacon is utilising prepaid cards from Visa to enable users to access their funds in-store, online, and at ATMs globally.
